自愿性信息披露评价及市场有效性检验

本文立足于投资者权益保护,构建包含治理结构、治理效率、利益相关者与风险控制4个一级指标、31个二级指标的中国上市公司自愿性信息披露评价体系。在此基础上,计算沪深两市2013年和2015年全部A股上市公司的自愿性信息披露指数,并从地区、行业、所有制、上市板块等角度进行比较分析。最后从信息有用性的角度对自愿性信息披露指数的市场有效性进行验证。主要研究结论如下：第一,中国上市公司自愿性信息披露水平整体偏低;第二,具体到地区、行业、上市板块、所有制而言,自愿性信息披露水平较高的分别是东部和中部上市公司、金融业上市公司、中小板上市公司、民营控股上市公司;第三,自愿性信息披露指数具有信息含量,整体上降低了股价同步性,这种效应对于面临较大融资约束的民营控股上市公司尤其显著。     

构建中国上市公司自愿性信息披露指数研究

文章参考Botosan的研究思路,以中国证监会最新发布的《公开发行证券的公司信息披露内容与格式准则第2号——年度报告的内容与格式(2011年修订)(征求意见稿)》为参照系,构建出适合我国上市公司自愿性信息披露的指标体系,进一步构建自愿性信息披露指数,并对699家深交所上市公司的自愿性信息披露水平进行描述性分析,得出我国上市公司自愿性信息披露水平不高的结论。     

公司特征与碳信息自愿性披露——基于合法性理论的分析视角

在自愿性信息披露的研究框架下,结合合法性理论,选取深沪A股上市公司为研究样本,通过对其2011年年报进行内容分析,构建了公司碳信息自愿性披露指数,对我国上市公司的公司特征与碳信息自愿性披露的关系进行了实证分析。实证检验发现:(1)公司规模、财务风险、固定资产比例均与碳信息自愿性披露显著正相关;(2)销售增长率与碳信息自愿性披露显著负相关;(3)上市年限与碳信息自愿性披露显著负相关。研究表明,上市公司将碳信息自愿性披露作为维护和提升自身合法性地位的一种管理方式。合法性压力越大的公司,越愿意提供自愿性碳信息披露;合法性压力越小的公司,越不积极主动提供自愿性碳信息披露。     

上市公司知识产权信息披露指数的构建及实证检验北大核心

2018年7月财政部印发《知识产权会计信息披露规定(征求意见稿)》,将知识产权信息披露的规范化提上了日程,目前国内对知识产权信息披露状况进行评价的实证研究很少。基于日本“知识产权信息披露参考导引”,结合我国知识产权信息披露的实际情况,建立一套知识产权信息披露指标体系,并以新能源行业、信息技术行业、生物制药行业以及制造业中的电子行业和科技行业等五个行业的175家公司的年度报告为样本对各公司知识产权信息披露指数进行实证检验。结果表明:样本公司的知识产权信息披露程度总体上不够详细全面,而且各行业各公司之间存在较大的差距,各项披露指标之间也存在明显的差异。最后对我国上市公司知识产权信息披露存在的问题提出相应建议。     

信息披露质量与现金持有——来自深市A股上市公司的经验证据

本文以2006 ～ 2010年间深市非金融类A股上市公司为研究对象,利用深交所公布的上市公司信息披露考评结果作为信息披露质量的衡量方法,考察了信息披露质量对现金持有量的影响.研究发现,上市公司的信息披露质量与现金持有量显著负相关,即在其他条件不变的情况下,信息披露质量越高,企业持有的现金越少.这就从一个新的角度说明了提高信息披露质量确实能够减轻企业面临的信息不对称问题,从而能够缓和企业面临的融资约束问题以及股东与管理者之间的委托—代理问题.此外,研究还发现,行业竞争水平以及股权性质均对上市公司信息披露质量与现金持有量之间的关系具有显著的影响.     

上市公司信息披露违规情况分析

上市公司信息披露的真实可靠是构筑证券市场的基石。本文通过对我国上市公司信息披露违规行为以及有关部门对违规行为处罚情况的调查研究,分析了上市公司信息披露违规行为产生的原因,并提出应从内外两方面加强对上市公司信息披露的监督,以避免信息披露违规行为的发生。     

企业社会责任信息披露与企业市场地位关系研究——来自食品饮料行业的经验数据

本文基于消费者视角,构建了企业社会责任信息披露评分体系表,在计量企业社会责任信息披露指数时不仅考虑企业责任感绝对水平,而且还考虑企业社会责任在行业内的相对水平,将企业市场占有率作为企业市场地位的衡量指标,运用相关分析法研究了2007年至2009年58家食品饮料行业上市公司企业社会责任信息披露与企业市场地位的相关度,考察了企业社会责任信息的重要程度,为引导我国社会责任消费提供参考。     

上市公司财务报告信息披露研究现状综述

本文运用档案研究方法,对上市公司信息披露违规动因研究的相关文献作较为全面的梳理;针对信息披露的内容、方式和时机总结有关信息披露的研究情况;从新会计准则、相关利益者、投资者利益等角度以及对信息披露违规的预警研究作全面系统的回顾、整理与归纳;对上市公司信息披露研究提出了改进的建议。     

上市公司财务报告信息披露研究现状综述

本文运用档案研究方法,对上市公司信息披露违规动因研究的相关文献作较为全面的梳理;针对信息披露的内容、方式和时机总结有关信息披露的研究情况;从新会计准则、相关利益者、投资者利益等角度以及对信息披露违规的预警研究作全面系统的回顾、整理与归纳;对上市公司信息披露研究提出了改进的建议。     

上市公司自愿性信息披露和盈余业绩关系研究

本文以2002年201家中国上市公司为研究样本,利用Meek的研究方法、构建了我国上市公司自愿性信息披露指标体系,并在此基础上分析了盈余业绩对我国上市公司自愿性信息披露的影响。研究发现,盈余业绩因素显著地影响我国上市公司自愿性披露程度。     

信息披露与透明度评价

文章简要回顾了财务信息质量的研究成果,指出当前财务信息披露评价存在的不足。因此,信息披露的内容应拓展。最后,文章评述了几个重要的信息披露评价指标体系。     

Statistical Disclosure Risk: Separating Potential and Harm

Statistical agencies are keen to devise ways to provide research access to data while protecting confidentiality. Although methods of statistical disclosure risk assessment are now well established in the statistical science literature, the integration of these methods by agencies into a general scientific basis for their practice still proves difficult. This paper seeks to review and clarify the role of statistical science in the conceptual foundations of disclosure risk assessment in an agency’s decision making. Disclosure risk is broken down into disclosure potential, a measure of the ability to achieve true disclosure, and disclosure harm. It is argued that statistical science is most suited to assessing the former. A framework for this assessment is presented. The paper argues that the intruder’s decision making and behaviour may be separated from this framework, provided appropriate account is taken of the nature of potential intruder attacks in the definition of disclosure potential.     

Disclosure‐protected Inference Using Generalised Linear Models

Vast amounts of data that could be used in the development and evaluation of policy for the benefit of society are collected by statistical agencies. It is therefore no surprise that there is very strong demand from analysts, within business, government, universities and other organisations, to access such data. When allowing access to micro‐data, a statistical agency is obliged, often legally, to ensure that it is unlikely to result in the disclosure of information about a particular person or organisation. Managing the risk of disclosure is referred to as statistical disclosure control (SDC). This paper describes an approach to SDC for output from analysis using generalised linear models, including estimates of regression parameters and their variances, diagnostic statistics and plots. The Australian Bureau of Statistics has implemented the approach in a remote analysis system, which returns analysis output from remotely submitted queries. A framework for measuring disclosure risk associated with a remote server is proposed. The disclosure risk and utility of approach are measured in two real‐life case studies and in simulation.     

会计信息披露学框架构建

企业是市场经济的主要组成要素,其会计信息披露对市场经济的建立和发展发挥着重要作用。本文从会计信息披露实践和理论研究的现状着手,分析建立会计信息披露学的必要性及客观可能性,为会计信息披露学的建立提供了依据,并构建了会计信息披露学基本框架,对建立会计信息披露学进行了展望。     

Towards Sustainable Development in the Arab Middle East and North Africa Region: A Longitudinal Analysis of Environmental Disclosure in Corporate Annual Reports

This paper presents the first comprehensive analysis of corporate environmental disclosure in the Arab Middle East and North Africa region. Using a detailed research instrument containing 55 items, content analysis of the annual reports of 180 non‐financial companies listed on nine major stock markets was conducted over a 5‐year period. The calculation of an unweighted disclosure index indicates that, although the level of disclosure might be considered relatively low by international standards, it varies by country. Perhaps of greater significance for the future of sustainable development in the region, disclosure is shown to have increased significantly over the period 2010–2014. Further analysis shows that although there are some differences relating to categories of disclosure, this is a region‐wide phenomenon not driven by a subset of countries or types of company. This benchmark study provides a systematic picture for policy‐makers in the region and, for future researchers, both substantive findings and methodological insight. © 2017 The Authors. Business Strategy and the Environment published by ERP Environment and John Wiley & Sons Ltd     

Is corporate environmental disclosure associated with firm value? A multicountry study of Gulf Cooperation Council firms

Several studies have found a relationship between corporate social and environmental disclosure and firm value (FV) or accounting profitability. Where environmental disclosure has been the focus, though, only single-country studies have been published, and most of the previous research concerns the developed world. This study examines the association between corporate environmental disclosure (CED) and FV in the Gulf Cooperation Council (GCC) countries, where CED has been increasing from its previous low base. Findings from a multicountry sample of 500 firm-year observations using a 55-item unweighted environmental disclosure index suggest that CED is significantly and positively related to FV as measured by Tobin's Q (TBQ). The relationship is robust to using a weighted version of the disclosure index, individual countries and environmental disclosure subindices. Some evidence of a positive relationship between CED and return on assets is also found, but even where statistically significant, the relationship is much weaker than in the case of TBQ. For empirical and theoretical reasons, we recommend that future studies pay greater attention to market-based proxies, if possible, when investigating the value relevance of CED in both developed and developing countries. Our results suggest that both managers and policymakers in GCC countries should take a positive view of expanded CED.     

Corporate climate-related voluntary disclosures: Does potential greenwash exist among Australian high emitters reports?

This study examines the issue of greenwashing among corporate high emitters subject to government scrutiny. To do so, we investigate the relationship between the actual environmental performance, measured as carbon emissions, of companies subject to the Australian National Greenhouse Energy Reporting Act 2007 (NGER) and their climate-related voluntary disclosures. To measure climate-related disclosure, we construct a climate-related disclosure index based on four prominent frameworks and score corporate report content against that Index. Using a sample of 150 companies with NGER emissions data for Years 2016 and 2017, a period that precedes the issuance of recommendations for disclosure by the Task Force on Climate-Related Financial Disclosure (TCFD), our regression results show a disappointingly low level of climate-related disclosure by most companies. We also find a negative relationship between climate-related disclosure and 1-year lagged environmental performance among companies exhibiting a year-on-year rise in carbon emissions. That is, our findings provide evidence of potential greenwashing by poor environmental performers, presumably to change negative perceptions by stakeholders, as predicted by socio-political theories. In contrast, we find no evidence of greenwashing among companies experiencing a year-on-year decrease in emissions.     

内部控制信息披露制度的选择与优化——以公司效率为分析视角

以内部控制信息披露制度与公司效率的关系为研究对象,构建了内部控制信息披露指标体系,并建立了衡量效率的模型,以沪市上市公司为样本,实证考察了内部控制信息披露与公司效率的关系。结果发现,我国上市公司内部控制信息披露质量对公司效率具有重要影响,在此基础上,结合新近颁布的《企业内部控制配套指引》,就完善我国企业内部控制信息披露制度提出了若干建议。该研究有助于为企业进行内部控制建设提供依据,并为监管层的决策制定提供参考。     

会计信息披露与资本市场配置效率的实验研究

文章基于会计管制的角度将会计信息分为强制性披露的部分和自愿性披露的部分,采用实验研究的方法,在一个相对"干净"的环境中寻找会计信息披露影响资本市场配置效率的证据。研究结论表明,强制性披露的会计信息质量与资本市场配置效率正相关,且这种正相关性在具有较高自愿性披露会计信息质量的公司中更为明显。     

On identification disclosure and prediction disclosure for microdata

Two definitions of statistical disclosure - identification disclosure and prediction disclosure - are compared. Identification disclosure implies prediction disclosure but not vice versa. It is argued, however, that if sampling takes place then cases where prediction disclosure occurs and identification disclosure does not either have very small probability or do not present disclosure problems different from those normally met in the release of aggregate statistics. Finally the estimation of population uniqueness using the Poisson-Gamma model is considered.